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B of A is most likely focusing on your cash flow rather than gross revenues. Have you reviewed cash flows for the past few years? Those cash flows would need to be able to service the proposed debt. Given the current economic climate, especially in your neck of the woods (CA, AZ, and FL are in worse shape than most), banks are tightening their belt when it comes to startups and expansions.
If you need help getting your package optimized for presentation to lenders, that's one of the services I offer to my clients. You can email me for a free consultation at firstname.lastname@example.org.
I don't know if our cash advance product would work for you but we do offer a Merchant Cash Advance in which we purchase a set amount of your future credit card sales at a discount. Generally we can fund you an amount equal to your average monthly credit card sales. If you would like more information feel free to give me a call or email. I wish you the best in whichever avenue you pursue!
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We have been in business for 3 years. We have an excellent location in Orange County,CA. The suite next to us was offered to us by our management company. It would be an amazing opportunity for us to expand into a full service salon by offering additional services to our current clientele such as massage and body treatments with all of the amenities clients are searching for. We have excellent credit and have been turned down by B of A due to not enough gross per year. I don't understand it!! We went from $198,000 the first year $698,000 last year. We have just under 3300sqft.and taking over next door would add and additional 1750sqft. It would be a separate facility with showers,locker rooms and quiet area for guests to relax. Please help me get financed!!!! Lead me in the right direction..